Starbucks coffee is about to get more expensive

Starbucks is raising the prices of many beverages by about 1% starting Tuesday.

Increases will range between $0.05 and $0.20 for most drinks, the AP reports.

The cost of "venti" brewed coffee, for example, will increase by $0.10 to $2.45 in most US markets, the company said.

This is the third straight year that Starbucks has implemented price increases.

The company last raised prices in June of 2014, when the cost of raw coffee was soaring.

Raw coffee prices have since fallen. Starbucks is citing rising labor and rent costs for this latest round of increases.

"We continually evaluate pricing on a product-by-product and market-by-market basis in our stores in order to balance the need to run our business profitably while continuing to provide value to our loyal customers and to attract new customers," Starbucks said in an emailed statement.